Wednesday, September 3, 2014

Halliburton To Pay $1.1 Billion Settlement Over Gulf Oil Spill

Halliburton & BP? Pay Up? Watch out for snowballs in Hell.

From the AP:

NEW ORLEANS (AP) — Halliburton's agreement to pay more than $1 billion to settle numerous claims involving the 2010 BP Gulf of Mexico oil spill could be a way for the company and victims of the spill to avoid years of costly litigation — if all the pieces fall into place.A federal judge still has to approve the settlement. That same judge has rulings pending on the extent to which parties, including Halliburton, were negligent in the deadly explosion of the Deepwater Horizon offshore oil rig. Those rulings could affect plaintiffs' decisions on whether to participate in the settlement, which was announced Tuesday.Pending action by the Supreme Court over interpretations of an earlier BP settlement with businesses also comes into play.Joe Rice, of the law firm Motley Rice, which has been working for the plaintiffs, doesn't see those as major barriers to the settlement."They're not extremely complicated pieces," said Rice. "Whereas the litigation would be extremely complicated."The settlement involves commercial or subsistence fishermen or hunters whose catches were affected by the spill, and businesses and property owners, including local government entities, who had property touched by the oil. They would be able to collect punitive damages from Halliburton through a fund to be administered by a court-appointed representative. The agreement also would settle claims for a separate class of businesses and individuals who were deemed to have causes of action against Halliburton under BP's 2012 settlement with businesses affected by the spill.

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